Drywood is a Dutch privately held company that develops, produces and sells water-based coatings for wood substrates. Drywood has its production unit in Enschede, Holland near the German border. Drywood maintains a leading market position in the Industrial Wood Coatings market in Holland, and has established a strong position in recent years also in the Industrial Wood market in the UK and in the Architectural Coatings market in Norway. The net sales for 2015 were approximately €9 million and it has 33 employees.
The acquisition of Drywood is an important part of Teknos’ growth strategy. The acquisition creates access to a new market area for Teknos and it will further strengthen Teknos’ position in the European industrial wood coating market.
"Teknos’ vision is to be the leading supplier of technically advanced coating solutions close to customers. Through the Drywood acquisition Teknos gains access to the coating markets in Holland, an extensive dealer network in Norway and a product assortment that complements our current range,” said Paula Salastie, CEO of Teknos Group.
The parties have agreed that the value of the transaction will remain undisclosed.